As I mentioned in last month’s update, we are now focusing the monthly Dothan real estate market update on numbers that are most relevant month-to-month, such as pendings and solds, inventory levels, and absorption rate. Other statistics, such as median price, days on market, and list-to-sale price ratio, can fluctuate significantly each month, so we will analyze those each quarter instead.
Inventory and absorption rates will be updated next week. Here are the sales and pending sales numbers.
Sales and Pending Sales
Real estate sales are seasonal. Activity slows here in the Dothan market during the winter months, and early spring and mid-summer are usually the busiest. So when looking at numbers for pendings and solds, we need to compare current data with the same months in previous years instead of only previous months, such as we do with inventory. Doing so gives us a better picture of what is really going on.
Pending sales in January jumped to their highest level since last August. Only time will tell if this is an anomaly or a trend. If I had to guess, I would say the former, because there are really no other signs that the market is on its way up yet.
Looking at the sales report from last month, we were wondering if the market was leveling off. Not so much. While pendings were up this month, homes sold were down to their lowest level since November, 2005.
The bottom line is that the real estate market here in Dothan, as well as all across the country, is unsteady right now. Month to month shifts are occurring, and what the market is doing just 30 days from now is unpredictable. One thing you can be sure of is that we will keep you updated.
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